Expanding Horizons workshop heads to New York
OPIC’s upcoming Expanding Horizons workshop for businesses interested in expanding into emerging markets will be held in New York City, a region where many companies have already benefited from OPIC support.
OPIC’s insurance and financing commitments to projects sponsored by businesses located in the state of New York have totaled $23.6 billion, according to data collected over the agency’s 40-year history. These projects have helped create an estimated 4,161 local jobs in New York State and have also helped generate an estimated $1.4 billion of goods and services of suppliers based in New York.
Some local companies that have benefited from OPIC support include ACD Research Inc., a Staten Island-based maker of medical equipment, which used OPIC political risk insurance in a deal to provide equipment and trading to an oncology center in Russia; and ARC Construction Co., a New York City business which used OPIC political risk insurance in a project to repair a stretch of highway in Afghanistan and construct a U.S. embassy in Kabul.
Several businesses in neighboring states have enjoyed similar support. OPIC’s financing and insurance support to projects sponsored by New Jersey companies has totaled $1.8 billion, which has helped create 1,585 jobs in the state and helped generate $571.1 million of exports of goods and services from the state. OPIC’s financing and insurance support of projects sponsored by Connecticut companies has totaled $2.4 million and has helped create an estimated 2,740 local jobs and helped generate an estimated $804 million in exports of goods and services from the state.
In one of the local deals supported with OPIC finance, the agency provided a $54 million credit facility to BlueOrchard Microfinance Securities and Developing World Markets Inc. of Darien, Conn. The funds were used to make loans to 13 microfinance institutions in seven countries in Latin America, Eastern Europe and Southeast Asia.
OPIC’s next Expanding Horizons event will be held on June 27. For more information about this event and others scheduled around the country later this year, visit the Expanding Horizons registration site.